Inflation is the biggest challenge.
Economists of the World Economic Forum said that the global economy has been divided due to the Ukraine Crisis. Inflation is the biggest problem and America’s condition is the most difficult. There is a debt crisis in front of the developing economy.
After the Corona epidemic, inflation is the biggest challenge before the global economy. Inflation is at its highest level in several decades in a developed economy. Meanwhile the World Economic Forum (World Economic Forum) Chief economists on Monday cautioned about the dire impact on people from the divided global economy. These economists say that the debt crisis in front of the developing economies and food and fuel security (Food and Fuel security) there is a crisis of harmony between Scenario of the world economy of chief economists (global economic outlookBut it has been said in the report that the highest inflation is expected in America. It is followed by Europe and Latin American countries. In addition, real wages are projected to decline in both high- and low-income economies.
It has also been said that the food crisis before the world (Food Crisis) position. Especially this crisis is more in West Asia and North Africa, Sub-Saharan Africa and South Asia. This is a serious situation in recent history. MNCs are streamlining supply chains according to the global situation. This is likely to increase the price. At the annual meeting of the WEF, the Chief Economists of the World Economic Forum, releasing their report on the outlook for the world economy, predicted a slowdown in economic activity, high inflation, reduction in real wages and food security at the global level in 2022. This points to the dire impact it will have on the people of a divided global economy.
The recovery forecast has weakened
The earlier estimate of recovery has also been reversed in the report. In this, most of the participants have predicted a mild economic outlook this year in America, China, Latin America, South Asia, Sub-Saharan Africa and West Asia and North Africa. In Europe too, most have projected the economic outlook to be weak.
Ukraine Crisis has divided the global economy
Sadia Zahidi, managing director of WEF, said, “We are on the cusp of a vicious cycle that can affect society for many years. The pandemic and the war in Ukraine have divided the global economy. This has led to far-reaching consequences, with the risk of losing the gains that have been made during the last 30 years. According to the report, developing economies face a crisis of reconciliation between the debt crisis and food and fuel security.
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